In force2020 Revised Edition

Contents

Conveyancing and Lawof Property Act 1886 · 2020 Revised Edition · Part 5 · Statutory Mortgage

31. Form of statutory mortgage

(1)

A mortgage of land may be made by a deed expressed to be made by way of statutory mortgage, being in the form given in Part 1 of the Schedule, with such variations and additions (if any) as circumstances may require, and this section shall apply thereto.

(2)

There shall be deemed to be included, and there shall by virtue of this Act be implied, in the mortgage deed, in addition to all other covenants, powers and provisions implied by virtue of this Act —

(a)

a covenant with the mortgagee by the mortgagor —that the mortgagor will, on the stated day, pay to the mortgagee the stated mortgage money, and will in the mean time and thereafter, if and as long as the mortgage money or any part thereof remains unpaid, pay to the mortgagee interest thereon, or on the unpaid part thereof, at the stated rate, by equal monthly payments, the first thereof to be made at the end of one calendar month from the day of the date of the mortgage; and

(b)

a proviso —that if the mortgagor, on the stated day, pays to the mortgagee the stated mortgage money, and has duly paid the interest thereon in the meantime at the stated rate, the mortgagee shall at any time thereafter, at the request and cost of the mortgagor, reconvey the mortgaged property to the mortgagor, or as he shall direct.